20 August,2021 08:33 PM IST | Hyderabad | PTI
PV Narasimha Rao. File Pic/Twitter
Describing former Prime Minister PV Narasimha Rao as the father of economic reforms in the country, Chief Justice of India NV Ramana said that the country's reforms started during the Congress veteran's rule.
Speaking at the Registration of Trust Deeds of the International Arbitration and Mediation Centre, Justice Ramana said that dispute resolution through negotiations and mediation is part of Indian culture. He said the city is well placed to have an international arbitration centre and the cost of dispute resolution through the centre would be much cheaper when compared to other countries.
"You know the father of the economic reforms in the country is none other than PV Narasimha Rao, Telangana Bidda (son of Telangana). Under his leadership, in India for the first time economic reforms started," the CJI said. "This (arbitration and mediation) is not a new thing that we innovated. You know that in Indian culture we sort out all our disputes through mediation and negotiation and conciliation. Every day we negotiate with our children, brothers and friends," he said.
Supreme Court judge Justice L Nageswara Rao and former SC Judge justice Raveendran will be the life Trustees of the Arbitration Centre here and they will co-opt some more members in future, Justice Ramana said. He said earlier foreign investors were apprehensive about the time taken for dispute resolution process in the Indian judiciary and added that after the Arbitration and Conciliation Act came into being in 1996, the momentum started for out of court procedures.
ALSO READ
PM Modi, Centre shielding Gautam Adani: Mallikarjun Kharge
Maharashtra assembly elections 2024: Counting of votes begin
File case against former ally first: Shiv Sena (UBT) leader to BJP's Vinod Tawde
"MVA will win with majority in Maharashtra, CM face to be decided after results"
Kaun Banega CM? Key leaders from Cong, both Shiv Senas, BJP pitch their faces
Also Read: Personal liberty important aspect of constitutional mandate, arrest should not be routinely made: SC
He asked the state government and Telangana High Court Chief Justice Hima Kohli to encourage companies to settle their disputes through arbitration and mediation. He said the centre here should become an internationally acclaimed one in dispute resolution. The CJI thanked Chief Minister K Chandrashekhar Rao for acting quickly on his proposal and making necessary arrangements for starting the Centre.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.